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Buy Oil and Natural Gas Corporation; target of Rs 160: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Oil and Natural Gas Corporation has recommended buy rating on the stock with a target price of Rs 160 in its research report dated August 13, 2022.

August 16, 2022 / 05:00 PM IST
 
 
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Prabhudas Lilladher's research report on Oil and Natural Gas Corporation


We maintain our FY23/24E earnings. ONGC’s Q1 standalone EBIDTA was in line at Rs259.3bn (+40%Q/Q; PLe Rs255.1bn), while PAT of Rs152.1bn (+71%Q/Q PLe Rs147.5bn) was due to high crude oil and gas realization. Q1 consolidated EBIDTA/PAT stood at Rs200.8bn (-26%Q/Q) and Rs92.5bn (- 35%Q/Q) due to losses at HPCL. Recent government decision to impose windfall taxes will mean ONGC’s crude oil realization will be ~USD60-70/bbl, thereby not benefiting from soaring commodity prices.


Outlook


We maintain ‘BUY’ rating with PT of Rs160 based on 3.5x EV/E FY23E (unchanged).


For all recommendations report, click here

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Oil & Natural Gas Corporation- 140822 - prabhu

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first published: Aug 16, 2022 05:00 pm
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